Biggest daily drop in deals deepens mortgage turmoil, Which? says
Sam Richardson, Deputy Editor of Which? Money, said:
"There is turmoil in the mortgage market, with the biggest daily drop in deals for more than a decade. This coupled with forecasts of significant interest rate hikes is causing concern for homeowners and buyers, especially those whose fixed terms may be ending soon.
"If your deal ends in the next six months you may be able to lock in a new one now before rates rise further. But think about your medium and long-term plans when you're looking for the right mortgage. Fixed-term deals usually come with early repayment fees, so you could be charged thousands of pounds if you move house and don't take your mortgage with you.
"If you're struggling to pay your mortgage bills, talk to your lender about what support it could offer. This could include a temporary payment holiday, lengthening the term of your mortgage to cut your monthly instalments or switching you temporarily to interest-only repayments.
"First-time buyers should carefully analyse what they can afford. Make sure you're buying for the longer term so you can ride out any house price falls, don't overstretch yourself and take advice from a mortgage broker."
ENDS
Notes to editors